Remortgage after Bankruptcy

Mogoob

I live in Scotland. Early next year my bankruptcy term finishes.

I still have my house, as I was fortunate to get the equity which would have been gained from selling the house, from a relative.
So very fortunate there.

When the bankruptcy ends, the fixed term mortgage with northern rock finishes. I don't like my chances of a decent deal with Northern Rock after the fixed term is up.
How likely is it that I will get a remortgage after this? It would be an 80 -85% mortgage, as there is around £20,000 of equity. At present I pay just under £500.
So is this possible and does anyone know how much extra roughly that I'll be charged?

Thanks in advance.

silvercar

I'm guessing you mean that the fixed rate part of your mortgage ends, rather than the whole term of the mortgage (25 year) is finished.

If you can't get a decent rate elsewhere, you will automatically go on to NR standard variable rate. With interest rates being exceptionally low, the SVR won't be so painful.

Mogoob

Thanks for the info.

One more question, supposing I want to stay with Northern Rock (highly unlikely) can Northern Rock say at the end of the fixed term, sorry, we don't want you anymore - pay your whole mortgage or go somewhere else

castle96

no, they can't tell you to go elsewhere or pay up

Mogoob

Thank goodness for that! Keeping all options open.
Thanks for the info.

Mrs_Bumble

How much was the amount that you went bankrupt for?

When you say that it ends, when did you actually declare bankruptcy?

Mogoob

I was before the introduction of 1 year for bankruptcy in Scotland.
So the 3 year term ends early next year.

Mrs_Bumble

How much was the total bankruptcy registered for?

I would be very surprised if you could remortgage away, lenders at present are very wary of missed payments let alone CCJ's or defaults or bankruptcy, and you may find that they will only look at you after the bankruptcy has been discharged for some time, however I don't and haven't worked in the adverse sector so someone may well be able to offer some ray of light?

What has been said above is correct NR can't just make you pay up, they don't have to offer a new deal however and so being on the SVR may be the option for the time being.